McKagan starts Meridian Bank to help musicians handle their money
Former Guns N’ Roses bassist Duff McKagan has started his own financial advice company.
McKagan, who now plays in Velvet Revolver and Duff McKagan’s Loaded, has partnered with investor Andy Bottomley to start financial advice firm Meridian Rock.
Speaking to Fortune Magazine about the venture, McKagan said that his new firm would help out young musicians who could be caught unaware by sudden financial success.
He said of his days in Guns N’Roses at the peak of their fame: “I couldn’t make sense of it [the money he was earning]. I didn’t know how much we had made or lost on the tour. As a 30 year-old millionaire, how do I admit to somebody that I don’t know what the fuck I’m doing?”
He added back then he “didn’t know what a stock was, what a bond was”.
McKagan is qualified in financial matters. He attended a finance course at Santa Monica Community College and then went on to enrol full time at Seattle University’s Albers School of Business.
He will return to the UK this June with Duff McKagan’s Loaded to play Download Festival.